Global Digiceuticals Market Report and Forecast 2024-2032

Global Digiceuticals Market Outlook

The global digiceuticals market size was valued at USD 6.10 billion in 2023, driven by the increasing prevalence of chronic diseases across the globe. The market size is anticipated to grow at a CAGR of 32.5% during the forecast period of 2024-2032 to achieve a value of USD 76.72 billion by 2032.

Digiceuticals: Introduction

The use of digital technologies in healthcare has revolutionized patient care. The concept of "Digiceuticals" encompasses a range of tools and services, including mobile applications, wellness assessments, and trackers. These tools are designed to monitor and enhance the effects of medications on the body's physiology, ultimately leading to better patient outcomes.

In today's world, the use of digiceuticals is just as important as the actual medications themselves as they provide valuable insights into the patient's health and help healthcare providers make better-informed decisions.

Global Digiceuticals Market Analysis

The market for digital therapeutics, or digiceuticals, is witnessing rapid growth due to the widespread use of smartphones, mobile apps, and partnerships between technology and pharmaceutical companies. The rise in public awareness of smart health tracking is also contributing to this growth.

Digiceuticals uses modern technologies, such as data analytics, AI, blockchain, and machine learning, to help pharmaceutical companies increase their revenue, cut costs, and improve treatment outcomes, propelling the global digiceuticals market growth further.

For example, automation can speed up drug development and blockchain can protect intellectual property and ensure transparency. Personalized medicine is also a potential use case, using genomic data and patient health records to create targeted drugs at a lower cost.

The growth of the market is further driven by collaborations between pharma and digiceutical companies for various clinical conditions. Regulatory approvals and clearances for digital therapeutic solutions are also increasing, indicating their clinical robustness and acceptance by regulatory bodies. Clinical studies are validating the effectiveness of digital therapeutics, with some showing a reduction in healthcare resource utilization rates for users compared to non-users.

There has been a rise in initiatives, such as suitable reimbursements, which are gaining traction and further increasing people's interest in the market. For instance, DTx companies rely on product adoption and reimbursements from healthcare payers to fully integrate digital therapeutics into mainstream healthcare. Although progress has been slow, the Digital Therapeutics Alliance has recently released a Digital Therapeutics Toolkit to guide the sector's growth and set evidence standards for these innovative solutions.

Global Digiceuticals Market Segmentations

Market Breakup by Type

• Software

• Devices

Market Breakup by Application

• Mental Health

• Chronic Disease Management

• Medication Adherence 

• Others

Market Breakup by End User

• Hospital 

• Specialty Clinics

Market Breakup by Region

• North America 

• Europe 

• Asia Pacific 

• Latin America 

• Middle East and Africa

Global Digiceuticals Market Overview

The market for mHealth applications is experiencing growth due to the rising number of smartphone users. This growth is further fuelled by the increasing prevalence of chronic diseases. According to the CDC's National Center for Chronic Disease Prevention and Health Promotion, 6 out of 10 American adults suffer from a chronic disease, with 4 out of 10 adults having two or more chronic diseases. The increasing prevalence of diabetes is also propelling the need to develop individualized solutions for treating diabetics, adding further growth to the global digiceuticals market share.

The COVID-19 pandemic has had a significant impact on the digital therapeutics market, leading to increased regulatory flexibility and greater access to digital health products. As a result, there has been a surge in demand for convenient and accessible digital health solutions intensifying the growth of the market.

Additionally, regulatory initiatives are expected to drive standardization and research and development in the market in the coming years, further boosting the market growth. An example of this is the Software Pre-Cert Pilot Program, which is part of the FDA's Digital Health Innovation Action Plan, designed to improve oversight of software-based medical devices developed by manufacturers.

The North American market is expected to maintain its leading position over the forecast period. The region is poised to experience a substantial surge in the market due to the implementation of favourable reimbursement scenarios aimed at improving tracking and diagnosis, as well as the increased adoption of digital health products that enhance quality of life.

Key players in the region are actively implementing strategic initiatives, such as launching new products and engaging in mergers and acquisitions, which will further fuel the growth of the market.

Global Digiceuticals Market: Competitor Landscape

The key features of the market report include patent analysis, grants analysis, clinical trials analysis, funding and investment analysis, partnerships, and collaborations analysis by the leading key players. The major companies in the market are as follows:

• Pear Therapeutics 

• Akili Interactive Labs 

• Click Therapeutics 

• Omada Health 

• Happtique 

• WellDoc 

• Propeller Health (a subsidiary of ResMed) 

• Canary Health, Inc. 

• Glooko, Inc. 

• 2Morrow

Key Highlights of the Report